Full Year results Year ended 31 December 2020

David Cicurel, CEO Brad Ormsby, CFO Mark Lavelle, COO

23rd March 2021 About Judges Scientific

• Buy and build model within the scientific instrument market • Favourable market

– Long term growth drivers

– Large pool of potential acquisitions in global niches

– Low capital requirements • Track record of acquisitions and reputation as a good acquirer

– Nineteen acquisitions since May 2005 • Strict acquisition discipline Long term – Buying sustainable businesses at sensible prices drivers

Low capital Shareholder use value

Large deal pool 2 The Judges Group

Moorfield Fire Testing Technology Quorum Technologies Armfield CoolLED Sircal KE Technology PE.fibreoptics FIRE Instruments Developments Dia-Stron

UHV Design Deben GDS EWB Solutions Instruments THT Oxford Scientifica Aitchee Engineering Cryosystems

05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21

3 A snapshot of Group customers

Universities Industry Other research and compliance

OEMs

4 Key Messages

Performance Acquisitions Outlook

impacted by Heath Scientific (now THT) in COVID-19 May for £7.3m plus excess Uncertainty remains but cash positive signs Order intake, revenues and Korvus Technology in October profits impacted Recovery in order intake still in for £2.6m plus potential £0.4m progress Implemented health and earn-out plus excess cash safety initiatives to enable all Long-term fundamentals of the Earnings-enhancing factories to remain open Group unchanged Demonstrating strength and Localised actions to optimise resilience of strategy 10% increase to final dividend profitability

Significantly profitable and cash generative throughout

5 COVID-19 update

• Operational – Main priority for the Group has been to protect the safety of our colleagues – Our businesses put in place tailored solutions to allow manufacturing to continue - none of our factories have had to close – Supply chain issues faced at the onset of the pandemic were not serious and were alleviated by some prudent over-purchasing at an early stage – Installations severely curtailed by the international travel restrictions; in spite of efforts to satisfy clients, a number of installations were outstanding at the year-end

• Financial – UK furlough scheme facilitated the retention of a number of our colleagues whilst they were unable to work as a result of measures instituted to fight the pandemic. – Directors reduced their own fixed remuneration by an equal average percentage and renounced any increase for 2021 – The £5 million repurposed from our acquisition facility for additional working capital was repaid to Lloyds Bank in December 2020 6 Performance review Highlights

Organic revenue Cash from -12.2% 2018FY 2020 operations FY 2020 FY 2019 FY 2019 Total revenue down 3.2% 2017 £14.6m (FY 2019: £19.1m) Organic order intake (2016: £2.7 million)

FY 2020 Annual dividend -13.2% FY 2020 FY 2019 Total order book FY 2019 15.8 weeks +10% (2016: £0.7 billion) 55p per share FY 2019 excludes 200p special dividend (2016: £ Adjusted operating Adjusted net profit debt FY2018 2020 - FY2017 2019 FY 2020 17% £5.7m FY 2019 £14.4 million (31 December 2019: (2016: £11.6 million) £2.0m) (2016: £10.5illion) Adjusted EPS Cash balance 2018 FY 20202018 HY 20202017 FY 2019 -20% HY 2019 £15.5m 2017 177.2p (31 December 2019: (2016: 61%) £14.1m) 8 Performance

FY 2020 FY 2019 Variance Variance (£) (£m) (£m) (%) Revenue Operating Revenue 79.9 82.5 (2.6) (3.2)% (£m) costs (£m) 2019 82.5 (65.1) Adjusted operating (65.5) (65.1) 0.4 0.6% Acquisitions 7.5 (6.4) costs Organic revenue - Adjusted operating 14.4 17.4 (3.0) (17.4)% 12.2% down (COVID) (10.1) 4.0 profit Net cost savings 2.0 Interest (0.7) (0.4) 2020 79.9 (65.5)

Adjusted PBT 13.7 17.0 (3.2) (19.1)% Effective tax rate 14.8% mainly due Taxation (2.0) (2.5) to R&D tax credits

Adjusted PAT 11.7 14.5 (2.8) (19.2)%

Adjusting items Adjusting items arising from recent (3.1) (2.6) (post tax) acquisitions - mainly amortisation

Statutory PAT 8.6 11.9 (3.2) (27.0)%

9 Order intake

100

Millions 90 • Organic order intake down 13% compared with 2019 80

• Geographically: 70

60 – UK up 8%

50 – Rest of Europe up 3%

40 – North America down 26%

30 – China/HK down 22%

– Rest of World down 25% Last 4 months annualised Trailing 12 months Budget • Most of our businesses affected • Organic order book of 14.0 weeks at 31 Dec 2020 (31 Dec 2019: 13.2 weeks)

• Total order book 15.8 weeks at 31 Dec 2020

• Good order intake from our more recent acquisitions

• First 10 weeks organic order intake slightly ahead of prior year

10 Revenue summary

• Organic revenue growth across: Origin of orders and revenue by geography – China/Hong Kong by 18% 2020 2019

• Organic revenue decline in: Orders

– North America by 32%.

– UK by 6%

– Rest of Europe by 3%

– Rest of the World by 18% Revenue

85+% of revenues exported

11 Profit bridge

£000s

20,000

15,000

10,000

5,000

0 2019 contribution* Organic growth Organic decline Acquisitions 2020 contribution*

12 *Contribution is EBIT from trading subsidiaries before central costs Balance sheet and cash flow

Cashflow 2020 (£m) 2019 (£m)

Dec 20 Dec 19 Balance Sheet Adjusted EBITDA 16.2 19.1 (£m) (£m) Working capital movements (0.8) 0.5 Cash 15.5 14.1 DB pension contributions (0.2) (0.2) Debt (21.2) (16.1) Exceptional transaction costs (0.6) (0.3) Adjusted net (debt)/cash (5.7) (2.0) Cash generated from ops 14.6 19.1 Minority debt - (0.2) Tax (2.4) (2.2) Working Capital 9.6 6.9 Interest paid (exc. IFRS R-o-U) (0.5) (0.3) DB Pension (net of tax) (2.7) (1.7) IFRS 16 lease repayment (1.1) (0.9) Other assets / liabilities 31.5 25.7 Capex (non-acquisition) (1.3) (1.3) Net assets 33.1 28.7 Capex (acquisition related) (12.5) (0.6) Low net debt despite acquisition outlays Repayment of borrowings (2.9) (2.9) throughout 2020 Drawdown for acquisition 9.8 2.3 Working capital above 10% of annual revenue due to WC buffer drawdown 5.0 - COVID – normally less than 10% WC buffer repayment (5.0) - Dividends (annual) (3.3) (2.7) Armfield DB pension liability increase due to reduced discount rate Dividends (special) - (12.4) Issue of shares 1.0 0.3 Cash conversion 102% – recovery from H1 13 Movement in cash 1.4 (1.6) Return On Total Invested Capital Return on Total Invested Capital

ROTIC (Trailing 12 months)*

FTT acquisition GDS March 2012 50%

Scientifica 40% June 2013 THT May 2020

30%

20%

Armfield January 2015 10%

0%

*excludes central costs and properties 14 Diversification

Group revenue Group revenue by geography

FTT Sircal PFO GDS Armfield Dia-Stron Quorum UHV EWB Scientifica CoolLED Deben Oxford UK Rest of Europe Moorfield North America THT China/Hong Kong Korvus Rest of World

15 12½ Year Financial History Financial history

Revenue and profit 200 EPS and Dividends 250 20000 100,000 (Excluding special dividends)

80,000 200 15000 150 60,000 150 10000 100 40,000 100 5000 50 20,000 50 0 - 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Revenue H1 Revenue H2 Adjusted Earnings per Share H1 Adjusted Earnings per Share H2 Operating Profit H1 Operating Profit total FY dividend per share

Cash generation Includes special dividend Focus on cash generation COAGR 7.1% for past 12 full years

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 16 FY cash generation Dividend Growth strategy Growth drivers

• M&A – Many global niches – Over 2,000 privately held businesses in the UK

• Organic growth through – Long term secular organic growth trends in science • Global higher education • Process optimisation – Research and Development • 5-6% of annual revenue – Business optimisation • Leadership programme

18 Acquisitions Acquisition criteria

• Strict acquisition discipline

• Acquisition attributes: – Strong exporters in their global niche markets; solid EBIT margins – Generate sustainable profits and cashflows – Pay 3 to 6 times EBIT according to size – Borrow up to 2.5 times EBITDA @ 2 to 4%

Long deal Crystallisation Financial Honourable in incubation notoriously certainty for process period erratic seller

20 Acquisition of Heath Scientific (THT)

• World leading maker of calorimetry instruments - measuring the thermal properties of chemical reactions, particularly lithium batteries • Acquired in May 2020 • £1.3m adjusted operating profit in year to 30 April 2020 • Consideration of £7.3m cash (included £2.0m earn-out) plus excess cash • Financed from the Group's £35 million acquisition facility from Lloyds Bank • Immediately earnings-enhancing

21 Acquisition of Korvus Technology

• Design and manufacture of vapour deposition systems used to coat materials with thin films - used for academic and industrial research • Acquired in October 2020 • Revenues of £1.42m and pre-tax profits of £0.74m in year to 31 March 2020 • Initial consideration of £2.64m cash plus a potential £0.4m earn-out plus excess cash • Financed from the Group's £35m acquisition facility from Lloyds Bank • Immediately earnings-enhancing

22 Further investments

• Purchased remaining shares in PFO for £1.1m in March 2020

Post balance sheet: • Increased interest in majority owned subsidiary Bordeaux Acquisition Limited from 75.5% to 88% in February 2021 • Consideration was £1.8m (based on an EV of £12.9m plus excess cash) • In 2020, Bordeaux generated £2.8m EBIT

Judges initial stake in Bordeaux Judges increased its stake in Judges increased its stake in of 51% (Deben UK vendors 49%) Bordeaux to 75.5% Bordeaux to 88%

2011 2017 2021

Judges purchased Deben UK through Bordeaux acquired Oxford Cryosystems Limited Bordeaux, a newly created buy-out vehicle

23 Post acquisition

• Financial – Implement robust financial controls – Reduce debt and reinvest in further acquisitions • Operational – Create environment for businesses to continue to thrive – Support and advice for entity management teams – Peer networking and collaboration – Internal benchmarking to encourage optimal performance • Strategic – Succession planning – Leadership programme – Long term focus

…. Whilst maintaining autonomy

24 Outlook and investment case Outlook

Uncertainty Current trading Confident in remains business model

Positive signs with Robust order book Strong balance sheet vaccinations First 10 weeks organic orders Long-term fundamentals of the Research funding and slightly ahead of 2020 Group unchanged university financing may take time to recover Safety first Unhindered ability to execute deals

Focused on shareholder value

26 Investment Case

Diverse Sustainable Growing Portfolio Returns Dividends

• Robust business model; pursued with discipline

• Large pool of targets, every acquisition is earnings enhancing

• Strong long-term growth drivers in higher education and process optimization

• Well diversified by geography and by scientific application

• Management focused on shareholder value – profitability, cash generation, debt reduction, dividend growth and return on capital

• Dividend growth of 10+% for past 15 years, CAGR 23%

• Inheritance tax free shareholding after two years

27 Q&A Appendices • Management team • Major shareholders • Trading businesses • ESG Management team

• Alex Hambro, Non-Executive Chairman • Experienced adviser to private equity and VC funds and family office investors

• David Cicurel, Chief Executive • Founded Judges in 2002; Turnaround specialist and veteran deal-maker

• Brad Ormsby, Group Finance Director • Six years at Judges, previously CFO of Kalibrate Technologies plc; PwC trained Chartered Accountant

• Mark Lavelle, Chief Operating Officer • 15 years leadership experience at Halma plc including five years as Divisional CEO

Owners of 15% 30 of equity Major shareholders – at 28 Feb 21

David Cicurel (including SIPP, SIP and 50,000 non-beneficial) 709,462 11.3%

Liontrust 496,060 7.9%

Odin Global 358,738 5.7%

Stephen Upton & Jacqueline Upton 187,700 3.0%

Hargreaves Lansdown 175,549 2.8%

Baillie Gifford 172,160 2.7%

Interactive Investor 147,500 2.3%

JP Morgan Asset Management (UK) 142,155 2.3%

Brown Shipley 140,193 2.2%

Danske Bank Asset Management 136,956 2.2%

NFU Mutual 122,598 1.9%

Blackrock 120,429 1.9%

Directors (excluding those listed separately above) 196,846 3.1%

31 Our businesses

1 2 3

FTT is internationally recognised as the PE.fiberoptics is a leading manufacturer UHV Design, founded in 1993, world’s leading supplier of fire testing of test equipment that measures optical specialises in the design, manufacture instrumentation and has supplied the and physical properties of optical fibres and supply of high precision motion, majority of leading fire research groups and cables. Optical fibres are the main manipulation, heating and cooling and testing laboratories around the medium for long distance transmission (cryogenic) of samples for use in the world. Our directors and senior of telecommunication data and form high and ultra-high vacuum researchers participate in UK, ISO, the backbone of the world’s internet environments for materials research. CEN and ASTM standardisation and telecommunications networks. Our Globally, our products are essential in committees to ensure that our products support the leading fibre and major big physics experiments including: instruments are always compliant. manufacturing companies around • high energy particle accelerators such These include committees dealing with the world during production and in their as CERN and SLAC; and construction products, electro-technical quality assurance and R&D laboratories, • synchrotron light sources including products, furnishing products and and we export 95% of our products. PSI (Swiss), Argonne (USA) and the transport applications for instruments UK’s own facility, Diamond. such as the Cone Calorimeter, NBS They are also used routinely in Smoke Density , EN 50399 laboratory-scale R&D instrumentation and SBI. focused on new state-of-the-art materials in: semiconductors, photovoltaics, catalysis and bio- compatible materials.

32 Our businesses

4 5 6

Aitchee Engineering is a well East Sussex-based Quorum Sircal designs, manufactures and established precision engineering Technologies manufactures market- distributes rare gas purifiers typically company that can offer high end sheet leading scientific instruments primarily for use in metal analysis utilising the metalwork, laser cutting and CNC used for electron microscopy (EM) Arc/Spark spectrometry technique. machining. We use state of the art sample preparation. Electron This technique provides qualitative software to take customers’ drawings microscopy is a key research tool in and quantitative analysis of a metallic and turn them into manufactured goods almost every area of scientific sample for determination of its purity. in steel, aluminium, stainless steel, endeavour, from the fight against The products are sold worldwide to yellow metals or plastics. We can coronavirus and other diseases such as OEM customers (spectrometer supply large batch-work, call off orders cancer, through to food safety and the manufacturers that use such purifiers in and R&D including prototypes; we can development of advanced conjunction with their own instruments) also offer manufacturing process microelectronics and new materials. or directly to end users such as metal assistance and value engineering Key products: manufacturers and dealers, and test • Q Series of vacuum coating systems; houses. and • PP3010T cryo preparation systems for SEM and FIB/SEM.

33 Our businesses

7 8 9

Deben is a precision engineering GDS designs, develops and Scientifica is a multi-award winning, company providing innovative solutions manufactures equipment and software globally recognised manufacturer of for SEM and μX-Ray CT in-situ tensile used for the computer-controlled testing advanced imaging, micro-positioning, testing. Deben also manufactures SEM of soils and rocks. This technology is and photomanipulation systems for detectors and a range of SEM used to evaluate the mechanical neuroscience research. We develop accessories including motor control properties that are key in geotechnical cutting-edge equipment designed to and heating and cooling stages. and earthquake engineering design. enhance discoveries in neuronal Product groups: Services include: electrophysiology, multiphoton imaging • in-situ tensile and compression • advanced systems for commercial soil and optogenetics. Our world-class systems; and rock testing laboratories; and equipment enables researchers to • accessories for electron beam • bespoke systems for university conduct ground-breaking investigations applications; and research in the engineering properties of the nervous system and advance • imaging and detectors for SEM and of soil and rock. understanding of neurological diseases TEM. and processes. All equipment is manufactured in the United Kingdom and exported to more than 40 countries worldwide. We have offices in the UK and the USA, with product consultants based in Germany and China.

34 Our businesses

10 11 12

Armfield offers unrivalled experience in CoolLED designs and manufactures Dia-Stron is the leading manufacturer the design and provision of teaching cutting-edge illumination systems of automated measurement systems equipment aligned to global for microscopy and other applications, for single fibres and filaments, with our agricultural, chemical, civil, pioneering the use of LEDs as expertise globally recognised by the environmental, geology and geography, controllable and environmentally friendly R&D community. marine, mechanical, public health and replacements for -based lamps. Our instrumentation provides a full food technology curriculums from Our expertise spans optical engineering range of fibre measurement capabilities; entry-level vocational training and the life sciences, driving the dimensional/mechanical properties, through to bespoke research flumes. development of our vast product range interfacial evaluation and fatigue The industrial division designs and which includes: failure analysis. Additionally, Dia-Stron manufactures complex research and • the award-winning triple-wavelength contract testing services are a key development systems and processing pE-300 Series for everyday offering in building long-term lines, focusing primarily on the food, fluorescence microscopy; relationships with our customers. beverage, dairy, edible oil and • 16-wavelength pE-4000 for high end We deliver measurement solutions pharmaceutical industries for research; to support: businesses of all sizes from start-up • pE-340fura for Fura-2 ratiometric • the hair care industry with product companies to the world’s leading calcium imaging; development/advancing hair fibre brands. • and pT-100 for transmitted light science; and imaging techniques. • the technical fibre market with the We continue to push the boundaries development of fibre composite with our OEM service and an exciting materials. development plan. 35 Our businesses

13 14 15

EWB Solutions specialises in the Oxford Cryosystems is a market-leading Moorfield Nanotechnology design and design and manufacture of edge- manufacturer of cryogenic devices. manufactures R&D/pilot-scale laboratory welded metal bellows where a high Spun out of Oxford University in the systems to a global customer base in integrity hermetic seal is required in the 1980s, the company designs and academic and industry. Core ranges are presence of an applied movement. manufactures a range of nitrogen and vacuum deposition products (MiniLab Supplied globally, EWB bellows are helium-based low temperature devices and nanoPVD) for production of high produced in a wide range of materials, which are exported to leading research quality metal, inorganic and Organic meeting a variety of life and institutes worldwide. Oxford films used throughout various high environmental constraints for Cryosystems products are used in fields technology fields. Standalone and applications within a diverse range of as diverse as the characterisation of benchtop models are available, to industries such as semiconductor individual molecules to the mapping of budgets and facilities. More recently, the processing, particle physics deep space. company has expanded into applications experimentation, material/surface in carbon nanomaterials with its range of analysis, oncology therapy and nanoCVD and nanoETCH tools. petrochemical processing. Aside from deposition, the company also supplies portable HEPA-filtered cleanroom solutions through its clean environments division.

36 Our businesses

16 17

THT is a world leader in the design, Korvus Technology sells and manufacture and supply of specialised manufactures highly modular thin film calorimeters for use in the chemical deposition systems designed to allow and battery industries. Application custom-built systems to be assembled areas include process development, from standard parts. The systems are optimisation and safety of chemical employed in academic and industry reactions, and determining settings to advance research into novel performance and safety characteristics thin film materials; most recently with of batteries. THT has over 25 years’ of heavy emphasis on Li battery research. calorimetry experience and offer a full The company is built on over 20 years of range of adiabatic, reaction, and experience in the thin film technology isothermal calorimeters. THTs products market, designing, manufacturing and allow measurement of heats of installing HV and UHV deposition reaction, derivation of kinetic systems. The company’s HEX platform parameters, assessment of maximum offers an un-matched level of user safe temperatures, and pressure control and customization, designed to generation. incorporate the latest thin film technologies and performance into a bench top PVD system.

37 Environment, Social & Governance

• Defined policy to minimise environmental impact across all aspects of business, including consideration for energy consumption and packaging of instruments. Environment • Nature of our business is not capital intensive manufacturing and environmental impact is limited. Environment

• Respect, openness, honesty and integrity in all of our actions and engagement with our business owners, staff and all stakeholders. Our culture • Encourage all employees to be entrepreneurial. >40% of team are shareholders through our Share Incentive Plan.

• A key priority for the Group and subsidiary management teams is that all employees must be and feel safe. Health & safety • Implemented Group-wide annual independent health and safety review which evaluates compliance and provides management with feedback for continuous improvement.

• Supporting equal opportunities to build a meritocratic work environment for all. • Built a good reputation in the local community dealing fairly with staff, customer and Social suppliers. • Active supporter of local community causes.

• Adopted the principal provisions of the QCA Governance Code. Governance • Commitment to stakeholder engagement with active engagement throughout the calendar year. 38